The Reserve Bank of India on Friday issued a set of ceaselessly requested questions on the latest determination on Paytm Payments Bank. Under the ‘Business restrictions imposed on Paytm Payments Bank Limited’, the central financial institution listed probably the most compelling questions and answered them to deliver out readability amongst Paytm customers.
Also Read: Paytm Crisis: RBI Extends Deadlines on Certain Business Restrictions Till March 15
Queries starting from deposits, pockets, FASTag, is Paytm Payment Bank closed?, surfaced throughout the monetary ecosystem since RBI restricted PBBL from finishing up transactions.
On January 31, RBI directed PPBL to cease accepting deposits or high-ups in any buyer accounts, wallets, FASTTags and different devices after February 29, which the central financial institution prolonged until March 15.
Paytm FAQ By RBI Is Given Below;
Bank Accounts with Paytm Payments Bank
1. I’ve a financial savings or present account with Paytm Payments Bank. Can I proceed to withdraw cash from this account after March 15, 2024? Can I proceed to make use of my debit card issued by Paytm Payments Bank?
Yes. You can proceed to make use of, withdraw or switch your funds out of your account upto the accessible stability in your account. Similarly, you possibly can proceed to make use of your debit card to withdraw or switch funds upto the accessible stability in your account.
2. I’ve a financial savings financial institution or present account with Paytm Payments Bank. Can I deposit or switch cash into this account after March 15, 2024?
No. After March 15, 2024, you will be unable to deposit cash into your account with Paytm Payments Bank. No credit or deposits apart from curiosity, cashbacks, sweep-in from associate banks or refunds are allowed to be credited.
3. I’m anticipating a refund in my account with Paytm Payments Bank after March 15, 2024. Can this refund be credited into my account?
Yes. Refunds, cashbacks, sweep-in from associate banks or curiosity are permitted credit into your account even after March 15, 2024.
4. What will occur to the Deposits maintained with associate banks by way of ‘sweep in/out’ preparations, after March 15, 2024?
The current Deposits of Paytm Payments Bank prospects maintained with associate banks may be introduced again (sweep-in) to the accounts with Paytm Payments Bank, topic to the ceiling on stability prescribed for a Payments Bank (i.e. Rs 2 lakh per particular person buyer on the finish of day). Such sweep-ins for the aim of making accessible the balances to be used or withdrawal by the client will proceed to be allowed. However, no contemporary deposits with associate banks by way of Paytm Payments Bank might be allowed after March 15, 2024.
5. My wage is credited into my account with Paytm Payments Bank. Can I proceed to obtain my wage into this account?
No. After March 15, 2024, you will be unable to obtain any such credit into your account with Paytm Payments Bank. It is recommended that you simply make various preparations with one other financial institution earlier than March 15, 2024 to keep away from inconvenience.
6. I obtain a subsidy or sure direct profit transfers linked to my Aadhaar from the Government in my account with Paytm Payments Bank. Can I proceed to obtain it into this account?
No. After March 15, 2024, you will be unable to obtain any such credit score into your account with Paytm Payments Bank. Please prepare to alter your linked account to a different financial institution earlier than March 15, 2024 to keep away from any inconvenience or disruption.
7. My month-to-month electrical energy invoice is paid mechanically from my checking account with Paytm Bank Limited? Can this proceed?
Withdrawal/debit mandates (similar to National Automated Clearing House (NACH) mandates) will proceed to get executed until there’s stability accessible in your account. However, after March 15, 2024, credit score or deposit in your accounts is not going to be allowed. Therefore, to keep away from inconvenience, it’s advised that you simply make various preparations by way of one other financial institution, earlier than March 15, 2024.
8. My month-to-month OTT subscription is paid mechanically by way of UPI from my checking account with Paytm Payments Bank? Can this proceed?
Withdrawal/debit mandates by way of automated UPI mandates will proceed to get executed until there’s stability accessible in your account. However, after March 15, 2024, credit score or deposit in your accounts is not going to be allowed. Therefore, to keep away from inconvenience or disruption, it’s advised that you simply make various preparations by way of one other financial institution, earlier than March 15, 2024.
9. The instalment (EMI) for my mortgage is mechanically paid by way of my account with Paytm Payments Bank. Can this proceed?
Auto debit mandates will proceed to get executed until there’s stability accessible in your account. However, after March 15, 2024, credit score or deposit in your
accounts is not going to be allowed. Therefore, to keep away from inconvenience, it’s advised that you simply make various preparations for establishing EMI funds by way of one other financial institution earlier than March 15, 2024.
10.The instalment (EMI) for my mortgage is mechanically paid by way of my account with a financial institution apart from Paytm Payments Bank. Can this proceed?
Yes, EMIs registered with any financial institution apart from Paytm Payments Bank can proceed.
Paytm Payments Bank Wallet
11. I’ve a pockets with Paytm Payments Bank. Can I proceed to make use of cash from this pockets after March 15, 2024?
Yes. You can proceed to make use of, withdraw or switch to a different pockets or checking account upto the stability accessible within the pockets. Minimum KYC wallets1 can, nevertheless, be used just for service provider funds.
12. I’ve a pockets with Paytm Payments Bank. Can I high-up or switch cash into this pockets after March 15, 2024? Can I obtain cash from another particular person into this pockets after March 15, 2024?
No. After March 15, 2024 you will be unable to high-up or switch cash into the pockets or obtain any credit, apart from cashbacks, or refunds into this pockets.
13. I’ve a cashback due in my pockets with Paytm Payments Bank. Can I obtain this cashback after March 15, 2024?
Yes. Refunds and cashbacks are allowed to be credited.
14. I’ve a pockets with Paytm Payments Bank. Can I shut this pockets and have the stability transferred to my checking account with one other financial institution?
Yes. You could method Paytm Payments Bank or use its banking app to shut your pockets and switch the stability to an account maintained with one other financial institution within the case of full KYC wallets. In the case of minimal KYC Wallets2, chances are you’ll use the accessible stability or request for a refund.
FASTag issued by Paytm Payments Bank
(for extra particulars on FASTag, chances are you’ll go to web site of IHMCL https://ihmcl.co.in)
15. I’ve a FASTag issued by Paytm Payments Bank. Can I proceed to make use of it to pay toll after March 15, 2024?
Yes. You can proceed to make use of your FASTag to pay toll upto the accessible stability. However, no additional funding or high ups might be allowed within the FASTags issued by Paytm Payments Bank after March 15, 2024. It is recommended that you simply procure a brand new FASTag issued by one other financial institution earlier than March 15, 2024 to keep away from any inconvenience.
16. I’ve a FASTag issued by Paytm Payments Bank. Can I recharge the stability after March 15, 2024?
No. After March 15, 2024 you will be unable to high-up or recharge your FASTag issued by Paytm Payments Bank. It is recommended that you simply procure a brand new FASTag issued by one other financial institution earlier than March 15, 2024 to keep away from any inconvenience.
17. Can I switch the stability from my previous FASTag issued by Paytm Payments Bank to a brand new FASTag obtained from one other Bank?
Credit stability switch characteristic is just not accessible within the FASTag product. Therefore, you’ll have to shut your previous FASTag issued by Paytm Payments Bank and request the financial institution for a refund.
National Common Mobility Card (NCMC) issued by Paytm Payments Bank
18. I’ve an NCMC card issued by Paytm Payments Bank. Can I proceed to make use of it after March 15, 2024?
Yes. You can proceed to make use of your NCMC card upto the accessible stability.
However, you will be unable to load or high up funds into the cardboard after March 15, 2024. To keep away from inconvenience, it’s advised that you simply acquire an NCMC card issued by one other financial institution or non-financial institution pre-paid instrument (PPI) issuer, earlier than March 15, 2024.
19. I’ve an NCMC card issued by Paytm Payments Bank. Can I add to its stability by way of high-up, recharge, and many others. after March 15, 2024?
No. After March 15, 2024 you will be unable to high-up or recharge your NCMC card issued by Paytm Payments Bank. In order to keep away from inconvenience, it’s advised that you simply acquire an NCMC card issued by one other financial institution or non-financial institution pre-paid instrument (PPI) issuer, earlier than March 15, 2024.
20. Can I switch the stability from my previous NCMC card issued by Paytm Payments Bank to a brand new card obtained from one other Bank?
The stability switch characteristic is just not accessible within the NCMC card. Therefore, chances are you’ll use the cardboard upto the accessible stability. In case you may have some extra stability which you haven’t been in a position to make use of, chances are you’ll request Paytm Payments Bank for a refund.
Merchants utilizing Paytm Payments Bank to obtain funds
21. I’m a service provider and I settle for funds utilizing a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to a different checking account (not with Paytm Payments Bank). Can I proceed to make use of this set-up even after March 15, 2024?
Yes. If your receipt and switch of funds is linked to any checking account apart from Paytm Payments Bank, you possibly can proceed to make use of this association even after March 15, 2024.
22. I’m a service provider and I settle for funds utilizing a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to my checking account or pockets with Paytm Payments Bank. Can I proceed to make use of this set-up even after March 15, 2024?
No. After March 15, 2024 you will be unable to obtain any credit score into your checking account or pockets with Paytm Payments Bank apart from refunds, cashbacks, sweep-in from associate banks or curiosity. In order to keep away from any inconvenience or disruption, it’s advised that you could be acquire a contemporary QR code linked to an account with one other financial institution or pockets to obtain funds. You may additionally change your checking account particulars (through which you obtain funds) by way of your service supplier.
Bharat Bill Payment System (BBPS)
23. Can I make funds by way of the Bharat Bill Payment System (BBPS) utilizing my account with Paytm Payments Bank?
Yes. You can proceed to make funds out of your Paytm Payments Bank account by way of Bharat Bill Payment System upto the stability accessible in your account. Since you will be unable to credit score any additional funds into your accounts or wallets with Paytm Payments Bank after March 15, 2024, it’s suggested that you could be make various preparations with one other checking account for BBPS earlier than March 15, 2024.
Aadhaar enabled Payment System (AePS)
24. Can I make withdrawals from my Paytm Payments Bank account with biometric authentication beneath Aadhaar enabled Payment System?
Yes. You can proceed to withdraw utilizing the AePS authentication, upto the stability accessible in your account. Money Transfer by way of UPI/ IMPS
25. Can I switch my cash into my Paytm Payments Bank account by way of UPI/ IMPS after March 15, 2024?
No. You can not switch the cash into your Paytm Payments Bank account after March 15, 2024.
26. Can I withdraw my cash from my Paytm Payments Bank account by way of UPI/ IMPS after March 15, 2024?
Yes. You can withdraw your cash from Paytm Payments Bank account by way of UPI/ IMPS upto the stability accessible in your account. Paytm Payments Bank Business Correspondent
27. I’ve an account with Paytm Payments Bank. Can the Paytm Payments Bank Business Correspondent (additionally known as Paytm Payments Bank Agent) assist me in withdrawing funds from my account after March 15, 2024.
Yes. The Paytm Payments Bank Business Correspondent (Bank Agent) may also help you to withdraw cash out of your checking account upto the stability accessible in your account.
Accounts frozen, lien marked and many others.
28. What will occur to my Paytm Payments Bank account/pockets if there’s a lien or freeze marked on the instructions of Law Enforcement or judicial
authorities?
Any lien or freeze (full or partial) marked as per the directions of any legislation enforcement or judicial authorities on the account/pockets of a buyer with Paytm Payments Bank will proceed to be ruled by the orders handed by such authorities.
29. What will occur to my Paytm Payments Bank account/ pockets if there’s a lien or freeze marked on account of inner insurance policies of Paytm Payments Bank?
The financial institution has been directed to permit withdrawal or switch to a different checking account of the client, upto the accessible stability within the account/wallets. Onboarding of new prospects
30. What is the standing of the Business restriction positioned on Paytm Payments Bank vide RBI Press Release dated March 11, 2022?
The enterprise restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new prospects for any of its providers continues to be in pressure. Hence, Paytm Payments Bank can not onboard any new prospects after March 11, 2022.
Deadline Extended
The Reserve Bank of India (RBI) on Friday prolonged deadlines on sure enterprise restrictions relating to Paytm Payments Bank Ltd (PPBL) by 15 days until March 15, 2024, as towards the February 29 determined earlier.
The deadlines have been prolonged on providers like high-ups and fund transfers, whereas the remaining PPBL providers might be shut on February 29 solely.
